MRDM - Compound Interest (Feb 14)

If you put $2,000 in an account that earns 7% interest compounded daily, how much will you have in 3 years?

• $2,450.09

• $2,467.31

• $2,420.00

• $2,434.54

If you put $800 in an account that earns 8% interest compounded monthly, how much will you have in 6 years?

• $1,184.00

• $1,269.50

• $1,341.52

• $1,290.80

If you put $1,500 in an account that earns 6% interest compounded quarterly, how much will you have in 4 years?

• $1,905.73

• $1,903.48

• $1,893.72

• $1,860.00

If you put $500 in an account that earns 10% interest compounded semiannually, how much will you have in 10 years?

• $1,000.00

• $1,353.52

• $1,326.65

• $1,296.87

How much should you invest now at 4% compounded monthly in order to have $3,000 in 7 years?

• $2,268.41

• $2,279.75

• $2,343.75

• $2270.51

How much should you invest now at 8% compounded daily in order to have $900 in 3 years?

• $707.98

• $708.53

• $714.45

• $725.81

How much should you invest now at 9% compounded semiannually in order to have $2,000 in 5 years?

• $1,299.86

• $1,379.31

• $1,277.40

• $1,287.86

How much should you invest now at 6.5% compounded quarterly in order to have $1,800 in 10 years?

• $1,090.91

• $941.33

• $944.60

• $958.91

An account earning interest compounded monthly went from $3,000 to $5,000 in 8 years. What is the interest rate?

• 6.59%

• 6.40%

• 6.32%

• 8.33%

An account earning interest compounded semiannually went from $1,000 to $1,500 in 4 years. What is the interest rate?

• 5.20%

• 10.67%

• 10.39%

• 11.34%